May 31, 2018 - Contax Partners’ Energy Feed

Russian Investment Fund, Gazprom and Mubadala create JV

The Russian Direct Investment Fund (RDIF) – the sovereign wealth fund of Russia – and Mubadala Petroleum – UAE-based oil and gas exploration and production company – announced the creation of a JV with PJSC Gazprom Neft to develop several oil fields in the Tomsk and Omsk regions. Mubadala Petroleum and RDIF will hold a 44% and 5% equity stake respectively in Gazpromneft-Vostok, the operator of the fields. This project will be Mubadala Petroleum’s first investment in the Russian oil and gas sector. Proved and probable reserves of hydrocarbons for the aforesaid fields are about 40 million tons (approx. 300 million barrels).

Lebanon Begins Offshore Oil and Gas Exploration

Lebanon commenced its first exploration for oil and gas, after Lebanese authorities approved an offshore exploration plan submitted by an international consortium of France's Total, Italy's Eni and Russia's Novatek. Energy and Water Minister, Cesar Abi Khalil, stated that Lebanon hoped to launch a second offshore licensing round by the end of 2018 or early 2019. In February, Lebanon signed its first offshore O&G exploration and production agreements with the Total-led consortium for offshore Blocks 4 and 9. The agreement included the drilling of at least one well per block in the first 3years. The consortium’s priority will be to drill a first exploration well on Block 4 next year, Total stated.

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